Boynton Beach Business Owners Divorce Lawyer
Of the key issues that affect a Florida divorce case, property division is one that almost all couples will face as they go through the process. With many assets, the process is straightforward. Real estate, bank accounts, and related personal property can be valued and split. However, when a business is one of the assets involved in the case, property division becomes complicated. Plus, one spouse’s interests in a business could impact alimony for the other party.
Divorce can be challenging in the best case scenario, but business owners will encounter unique complications. Our team at The Law Office of Taryn G. Sinatra, Esq. is knowledgeable about the laws and adept at developing strategies to protect your interests. We will explore all potential opportunities to preserve the value and set your company up for the future. Please contact us to schedule a case assessment with a Boynton Beach business owners divorce lawyer. You also review some helpful information about what to expect.
Important Points About Businesses in Divorce
When one or both parties has an ownership stake in a company, there are implications across several divorce topics:
- A business started after the marriage affects property division because it will be split between the parties according to equitable distribution.
- When a party owned the business before getting married, it would typically be separate property that belongs to the individual. However, an increase in the company’s value during the marriage could be marital property.
- A court will review many different factors in deciding alimony. Ownership of a business could impact one spouse’s ability to pay because it is both an asset and source of income.
- Business ownership could also impact child support, which takes into account the income of both parents.
Note that, in any divorce case involving business interests, it will be necessary to conduct a full business valuation.
Finding Solutions for Business Owners
It is impractical to split interests in a company in the same way as other assets, so you may need to consider creative solutions with divorce for business owners. A South Florida divorce lawyer at The Law Office of Taryn G. Sinatra, Esq. will advise you on options, such as having the more involved spouse buy out the other. For this arrangement to work, there must be sufficient value in other marital assets to create a credit that balances property division. Some parties might also consider selling the business and splitting the proceeds.
Agreements and mediation are the preferred way to resolve disputes regarding business in divorce, because the court must follow the law. It could be that neither party is satisfied and the business suffers.
A Boynton Beach Divorce Lawyer Will Advise You
There are numerous strategies for handling ownership interests in a business when going through divorce, but it is important to identify the right fit for your situation. The Law Office of Taryn G. Sinatra, Esq. will provide details on the legal concepts, so please contact us to set up a consultation with a Boynton Beach business owners divorce lawyer.